One of the more intriguing results of implementing blockchain technology is how it allows people to trace payments back to their origin. Unlike what most people assume, Bitcoin is a far cry from being anonymous, as all transactions are broadcast on a transparent ledger visible to anyone. Europol is looking for someone who is skilled in this field, as Bitcoin tracing is apparently of interest to them.
Europol Looks For Bitcoin Tracers
Intelligence agencies have to keep up with the evolution of technology and ever since the blockchain came into the picture, it has become incredibly hard to find suitable employees. Even Europol, the top law enforcement agency in all of Europe, is posting some job vacancies on their website, as they are looking for someone versed in blockchain analytics.
People who are interested in applying for a position at Europol will need to possess skills that will analyze Bitcoin transactions. Additionally, any interest in the internal workings of blockchain technology will help as well. The attribution of Bitcoin transactions is of great importance to Europol for some reason.
But there is more to this job than meets the eye, as the vacancy clearly states how candidates will need to prove knowledge of encryption and anonymization tools “abused by criminals.” Even though this is a very broad category, it is safe to assume these tools include Tor and any other knowledge about accessing the Deep Web.
According to Coindesk, the Europol vacancy will lead to a full-time job at the office in The Hague and quarterly reports will need to be created. The main focus of these reports revolves around new trends, patterns, and threats in the world of cybercrime. Encryption and anonymization play an integral role in the world of cybercrime, and Europol is planning to address this situation.
While this focus on Bitcoin can be seen as both a positive or negative trend, the choice remains interesting regardless. Bitcoin has been associated with cybercrime on multiple occasions, although this is not something the popular digital currency can be scrutinized for. Many cyber criminals assume they can use Bitcoin as it is a non-refundable payment method, but that doesn’t make it anonymous.
The Value of Blockchain Analytics As A Whole
This is not the first- nor the last – time government officials will openly show their interest in hiring blockchain analytics experts. The unprecedented transparent nature of the blockchain itself opens up many new possibilities and the technology should be used for the greater good.
One area where blockchain analytics could prove to be very useful is for determining who is collecting payments from ransomware infections. Over the past 12 months, there has been a serious increase in ransomware infections all over the world and most of the infected people had to pay a sum in Bitcoin to get their files decrypted. Identifying the responsible culprits would be a major step forward to bring down the number of ransomware attacks.
Images courtesy of Europol, Shutterstock